Unveiling My Current Passive Income Streams – The Starting Line

“Don’t work for money; make it work for you.” – Robert Kiyosaki

In my inaugural post, I outlined my journey from earning a regular paycheque to creating a stream of passive income. The idea is to let my money work for me rather than the other way around. Today, I’ll share my starting point, providing a clear snapshot of my current passive income setup.

Now, why am I sharing this with you?

My goal here is transparency. I aim to give you a detailed view of the assets generating income for me. Not to flaunt or brag, but to hold myself accountable as I continue to progress towards my financial goals. At the same time, I want to show that building passive income isn’t just a pipe dream, but an achievable goal if approached with the right strategies and mindset.

To lay the groundwork for complete transparency, I want to mention that I’ve already accumulated assets that generate income. I am thankful for the opportunities that have come my way, allowing me to reach where I am today. However, I understand that everyone’s journey is different and unique. I recognize that many of my readers may not have had the same fortune – and that’s okay! My aim here is to show you the possibilities and inspire you to take those initial steps towards financial freedom. Remember, it’s a marathon, not a sprint!

Now, let’s take a look at the passive income streams I’ve set up:

1. Dividend Income: This is income distributed to me from my stock and ETF portfolios through a discount broker. Owning a company’s stocks often comes with dividends – a portion of the company’s profits paid to its shareholders. When you manage these funds in a registered savings account, like a TFSA or RRSP, you gain some significant tax advantages. For instance, all income generated in a TFSA is tax-free, and while RRSP-generated income is taxable upon withdrawal (usually during retirement), it remains untaxed while it accumulates. I’m working to maximize these passive income streams under both my TFSA and RRSP accounts.

2. Internet Marketing Income: Years back, I established several websites and implemented Google Adsense. Astonishingly, one of these websites continues to generate income from visitor ad clicks. Each month, I receive a payment for this. Part of my journey involves amplifying this income stream by creating more online content. Given my experience, I’ll likely focus on web content and Adsense ad revenue. However, I’m open to exploring other opportunities, such as YouTube videos or content marketing on various platforms. Unlike my dividend income, the income from internet marketing doesn’t operate in a tax-free vehicle like a TFSA.

3. Crypto Income: A few years ago, I bought some bitcoin before its value skyrocketed. I’ve sold some along the way but realized holding cryptocurrency can provide an income stream through “staking.” Plus, there are countless opportunities to acquire cryptocurrency “for free” that can later be exchanged for tangible dollars. Similar to my Internet Marketing Income, crypto income isn’t tax-exempt in most countries, Canada included.

As we move forward on this journey, my aim is to explore, experiment, and expand these income streams while adding new ones to the mix. I’m excited to share the triumphs and hurdles, the lessons learned, and the strategies developed along the way.

In my next post, I’m going to share some actual numbers – what kind of income are we talking about? So hold on to your hats, this is going to get interesting.






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